$XAR Staking is Live - Stake and Earn up to 60% APY
by
Ronak Kadhi
Announcements
|
Apr 18, 2024
The wait is over. We are thrilled to announce that staking V1 for $XAR is live. This will allow our $XAR community members to earn yield by staking their $XAR tokens for various durations. Here's everything you need to know about this campaign.
Version 1 of staking focuses on rewarding our early supporters from a pool of $XAR based on their staked duration.
Future versions of staking will be rolled out as we approach the launch of Arcana’s Validum Mainnet, which will add utility to $XAR. This will allow token holders to play a crucial role in network security and governance.
How to Stake?
Here are some prerequisites for staking your $XAR successfully
Visit the correct URL https://stakingv1.arcana.network Beware of scammers and phishing replicas of the Arcana Staking V1 site. Please bookmark this to avoid confusion or potential phishing attacks.
Ensure you have your Metamask or other trusted EVM wallet installed in your browser.
Ensure this wallet holds the $XAR you intend to stake and the required $ETH for gas fees (estimated to be around $20-$40 worth of ETH) to stake/withdraw/top up.
Connect your wallet on the home screen to get started.
Next - Follow the following steps to stake
Step 1: Visit https://stakingv1.arcana.network
Step 2: Connect your wallet that holds $XAR
Once you have successfully connected your wallet, you will see 3 staking options with varying stake lockup durations and APY rewards.
Option 1 - 30 days
Minimum Staking Duration - 30 days
APY - 40%
Expected reward at the end of 30 days - 3.33%
The staked amount can be withdrawn/unstaked - after 30 days
Rewards can be withdrawn - anytime (even during the staking period)
Option 2 - 90 days
Minimum Staking Duration - 90 days
APY - 50%
Expected reward at the end of 90 days - 12.5%
The staked amount can be withdrawn/unstaked - after 90 days
Rewards can be withdrawn - anytime (even during the staking period)
Option 3 - 150 days
Minimum Staking Duration - 150 days
APY - 60%
Expected reward at the end of 150 days - 25%
The staked amount can be withdrawn/unstaked - After 150 days
Rewards can be withdrawn - anytime (even during the staking period)
Choose an option and proceed to enter an amount you wish to stake. You will see the total $XAR you hold in your wallet and a button to select the maximum amount being held.
You will also see the expected earnings and the total rewards and staked amount at the end of the stake period.
Click the “Stake Now” button.
Your Metamask or other self-custodial wallet should pop up, asking you to review the spending cap, which should be set to the tokens you want to stake. Click “Next.”
You will see the confirmation screen where you can review the details and the estimated gas that will be spent in ETH. Click “Approve”
Once the spending cap approval is done, you will see a stake deposit transaction in your Metamask/Wallet. Review the details and gas fees, then click “Confirm.”
The Arcana Staking V1 page will show a pending state while waiting for confirmation of the transaction.Once the transaction goes through, you will see a success message on the page's left side, confirming your stake.
You can always go to the “Unstake” tab on the Staking V1 page and view your existing stake.
How to Top-up Stake?
Once staked, you can “top up” or add to your existing stake to get even more rewards. Your Stake tab will look something like this, with your existing staked amount in the top bar.
You will notice that you cannot now select a stake duration other than the one selected during the original stake. Your current stake has to mature/conclude to close it and pick a new stake duration.
You can top up any amount from the total available $XAR in your wallet and add it to your current stake.
You will see the expected rewards and total for this new amount. It is important to note that your rewards calculation will be pro-rated according to how many days are left in your current stake period. For example, if you top up 10 days into your 30-day stake period, your rewards on this new amount will be calculated for the remaining 20 days left in the staking period.
It is also important to note that you can leave your stake in (not withdraw it) beyond the staking period and continue to earn rewards, even if your stake period has ended. This is possible until Staking V1 is active (roughly 6 months from the start). The rewards will be at APY for the chosen stake duration.
The rest of the top-up steps are the same as the Spend Approval and Stake Deposit transaction approvals/confirmation, as seen above during staking.
You can top-up up to 10 times within a period before withdrawing your stake and starting a new staking schedule.
How to withdraw Rewards?
You can withdraw your staking rewards anytime after the start date. You can view your earnings in the “Unstake” section (highlighted below).
Click “Withdraw Now” to withdraw your rewards and approve your withdrawal request.
The withdrawn token will reflect in your wallet immediately after the transaction is confirmed on-chain.
How to withdraw a stake?
You can withdraw your staked tokens once the staking period is over. If you choose not to withdraw, you will continue earning rewards until the end of the Staking V1 campaign.
To withdraw your tokens, simply go to the “Unstake” section and hit “Withdraw” (highlighted below)
On the next screen, review your withdrawal request and hit “Continue.” Once you approve the request from your respective wallet, the tokens will be transferred to your wallet.
Doing this Withdrawal will withdraw your entire stake and any rewards that have not been withdrawn yet.
You can start a new stake again anytime untill the end of the campaign.
Disclaimer
As an investor, here are some pointers you should consider before entering the staking world with $XAR.
Price Volatility: Arcana’s team is focused on delivering value to the entire ecosystem and its stakeholders. However, the price of staked tokens can decrease during the staking period, leading to potential losses. Make sure you understand the risk-to-reward before committing to a staking timeline.
Lock up: $XAR staking has a fixed lock-up period during which you cannot access your tokens, which may be inconvenient if you need to access tokens urgently.
No Compounding: The Arcana Network's staking program does not offer compounding rewards. Any rewards you earn will not be automatically restaked; they can be withdrawn or restaked manually.
Tax Implications: Staking rewards may be subject to taxation in your jurisdiction, so it's essential to understand the tax implications before committing to the staking program.
Regulatory Risks: The regulatory landscape for decentralized finance and cryptocurrency staking constantly evolves, and regulations could affect the future of Arcana Network's staking program.
About Arcana Network
Arcana is building a suite of products and services powered by a specialized Validium to boost user experience and significantly simplify the Web3 journey. Since 2021, Arcana has launched three key products.
Arcana has raised 4.5Mn USD from leading investors and founders in the ecosystem, such as Balaji Srinivasan, Founders of Polygon, Woodstock, Republic Crypto, Fenbushi, Digital Currency Group, and more.
